Officials Press for Quicker Action on Fannie, Freddie

White House Advisers See Potential for Bipartisan Progress in 2014

Current and former White House officials are warning that the window to effectively overhaul Fannie Mae and Freddie Mac could close if legislation isn't in play before the midterm elections.

They fear that over time, as the bottom lines of the mortgage-finance giants look increasingly robust and memories of dysfunction in the housing market fade, it will become harder to pass measures strong enough to address the problems that...